INDIAN INFORMATION TECHNOLOGY AT A GLANCE IN 2022 - 2023
India’s technology industry revenue was estimated to be US$ 245 billion in FY23. India‘s IT and business services market is projected to reach US$ 19.93 billion by 2025. IT spending in India increased to US$ 101.8 billion in 2022. The IT industry accounted for 7.4% of India’s GDP in FY22, and it is expected to contribute 10% to India’s GDP by 2025.
Indian IT industry’s revenue touched US$ 227 billion in FY22, a 15.5% YoY growth and is estimated to touch US$ 245 billion in FY23.
The data annotation market in India is expected to reach US$ 7 billion by 2030 due to accelerated demand for AI both domestically and globally.
India’s IT export revenue rose by 11.4% to US$ 194 billion in FY23. Exports from the Indian IT industry stood at US$ 178 billion in FY22.
The IT industry added 2.9 lakh new jobs taking the industry’s workforce tally to about 5.4 million people in FY23.
Industry InvestmentsThe computer software and hardware sector in India attracted cumulative foreign direct investment (FDI) inflows worth US$ 94.92 billion between April 2000-March 2023. In the Union Budget 2023-24, the allocation for IT and telecom sector stood at Rs. 97,579.05 crore (US$ 11.8 billion).
Future Scope of Indian IT IndustryThe Indian IT & business services industry is expected to grow to US$ 19.93 billion by 2025. Spending on information technology in India is expected to reach US$ 144 billion in 2023. By 2026, cloud technology can provide employment opportunities to 14 million people and add US$ 380 billion to India's GDP.
IT spending in India is expected to increase to US$ 110.3 billion in 2023 from an estimated US$ 81.89 billion in 2021.
